Nucor (NUE) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered record steel mill shipments and strong operational performance, with EBITDA of $1.5 billion and net earnings of $743 million ($3.23 per share), reflecting significant improvement over Q4 2025 and robust performance across all segments.

• Net sales rose to $9.50 billion, a 21–24% year-over-year increase, with all segments showing double-digit growth and improved gross margin to 16%.

• Leadership changes included Jack Sullivan promoted to CFO and Dan Needham retiring as EVP of Commercial.

• Major capital projects, including the West Virginia sheet mill and multiple greenfield facilities, are progressing on schedule and within budget.

• Safety remained a top priority, with 65 divisions reporting zero recordable injuries.

Financial highlights

• EBITDA for Q1 2026 was $1.5–$1.51 billion, up from $918 million in Q4 2025 and $696 million in Q1 2025.

• Net earnings were $743 million, with EPS at $3.23, exceeding guidance midpoint by nearly $0.50.

• Net sales reached $9.50 billion, up 21% year-over-year; gross margin improved to 16%.

• Capital expenditures totaled $661 million in Q1 2026, with 40% allocated to the new West Virginia sheet mill.

• Returned $254 million to shareholders via dividends and buybacks; free cash flow increased as CapEx moderated.

Outlook and guidance

• Higher consolidated earnings are expected in Q2 2026 across all segments, driven by higher volumes, realized pricing, and strong backlogs.

• Anticipate earnings and cash flow to trend significantly higher in 2026 versus 2025, supported by non-residential construction, infrastructure demand, and recent investments.

• Shipments projected to grow more than 5% in 2026, with potential for double-digit growth as demand remains robust.

• Estimated 2026 capital expenditures are $2.5 billion, down from $3.42 billion in 2025.